;
Home / Knowledge / News / Apparel/Garments / US tariffs on Chinese imports take effect from today
US tariffs on Chinese imports take effect from today
06
Jul '18
Courtesy: freestocks.org from Pexels
Courtesy: freestocks.org from Pexels
As the US Government tariffs on $34 billion of Chinese imports took effect at 0401 GMT (midnight US Eastern Time) on July 6, President Donald Trump threatened to escalate the trade war with tariffs on a total of $450 billion in Chinese goods if Beijing retaliates. Beijing said retaliatory tariffs on US goods will go into effect immediately after the US acts.

The development has rankled financial markets worldwide, including stocks, currencies and global trade of commodities, global newswire reported.

Chinese commerce ministry spokesman Gao Feng said China will not bow down to US ‘threats and blackmail’ and is determined to defend free trade and the multilateral system.

China has reportedly reached out to other World Trade Organisation (WTO) members to jointly fight what it described as ‘Washington’s flagrant violation of global trade rules’.

Many countries, including India, cautioned the United States at the WTO early this week not to impose unilateral trade measures.

Meanwhile, the US National Retail Federation (NRF) urged the US administration to abandon its plans for tariffs on another $200 billion in Chinese imports, which would destroy thousands of American jobs and raise prices on virtually everything sold in US stores.

“These tariffs will do nothing to protect US jobs, but they will undermine the benefits of tax reform and drive up prices for a wide range of products as diverse as tool sets, batteries, remote controls, flash drives and thermostats,” NRF president and CEO Matthew Shay said in a statement released on July 5. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Anthesis Group takes over key assets of Made-By

Apparel/Garments | On 20th Jan 2019

Anthesis Group takes over key assets of Made-By

Anthesis Group, the global sustainability and solutions provider, has ...

ZDHC signatory brands share tools on screened chemistry

Apparel/Garments | On 20th Jan 2019

ZDHC signatory brands share tools on screened chemistry

ZDHC signatory brands - Levi Strauss & Co, Nike, H&M and C&A – are...

Courtesy: Global fashion agenda

Apparel/Garments | On 20th Jan 2019

ASOS, PVH become partners to Global Fashion Agenda

ASOS and PVH Corp are becoming part of the Global Fashion Agenda’s...

Interviews View All

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Top executives, Textile industry

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Lin Jing,

Lin Jing

Jiangsu New Victor is a Chinese mechanical equipment manufacturing...

Carmen Silla,

Carmen Silla

Leading the transformation of the textiles industry with disruptive...

Will Qian,

Will Qian

Honghua Digital Technology Stock Co., Ltd. specialises in the R&D,...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search